EPIC Joins Coalition Letter Seeking to Preserve Consumer Protections Against AI Harms in the Financial Services Industry 

EPIC joined a coalition letter led by Americans for Financial Reform calling on the House Financial Services Committee to oppose the Unleashing AI Innovation in Financial Services Act (H.R. 4801). 64 other consumer protection, civil rights, labor, and technology advocacy organizations also signed on to the letter. 

H.R. 4801 would allow financial services companies to use AI systems without regulatory oversight or enforcement, putting consumers at risk of amplified discrimination, fraud, misinformation about financial services and products, financial loss, and more. The letter warns that, “H.R. 4801 would allow financial firms to profit by capturing most of the benefits of AI but force their customers and the economy to bear the burdens from the risks and the harms of AI deployment in the financial sector.”  

EPIC routinely advocates for privacy and consumer protections in the financial sector. EPIC recently submitted comments urging the Consumer Financial Protection Bureau to maintain the Personal Financial Data Rights Rules. EPIC, the National Consumer Law Center, and a coalition of other civil society organizations submitted a letter and comments urging the House Financial Services Committee to strengthen financial privacy in the United States. EPIC also filed comments in support of the CFPB’s proposals related to medical debt and comments on the CFPB’s now withdrawn proposed revisions to Fair Credit Reporting Act rules, which among other changes would have clarified that data brokers must comply with FCRA. Further, EPIC has long advocated for laws that prioritize transparency, accountability, and human rights in the adoption of AI.